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Proventec
- BY: Andrew Hore |
- POSTED: 06/09/2010 |
- COMMENTS: Add yours
Proventec has come to an agreement in principle about the restructuring of its loan notes and debt.
Proventec has got the backing of holders of more than 75% of the £15m worth of 8.5% convertible loan notes in issue. The plan is to convert most of the loan notes and around £6m of debt into shares at 57p each. The loan note holders will own more than 61% of the enlarged share capital.
Proventec will be able to get its hands on £1.5m of the proposed cash injection when the scheme has come into force.
At the suspension price of 27.5p a share, Proventec is valued at £4.24m. The shares will remain suspended until the scheme of arrangement is effective. That should be in November.
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